If you need to lodge a tax return, be it individual tax return or company tax return it is always a smart move to take help from a good and reliable tax agent in Sydney. It is an investment, which will provide good returns.
So, why should you think about hiring a tax accountant? Let’s consider the top three reasons.
- – Complexity: Albert Einstein purportedly once said that the hardest thing to understand in the world is income tax. Most of us know nothing about Australian Tax Laws, which is very complex. Though ATO’s E-Tax has made life a bit easier for individual taxpayers who have salary income, but throw in salary sacrifice, employee share schemes, investment property, dividend income, it gets pretty messy. The same goes with business tax returns, when the directors withdraw money from the business, pay dividends, calculation of imputation credits, maintaining franking credit account, fringe benefits, depreciation and so on.
- – Avoid risk of penalties: Tax Laws are changed and amended from time to time and it would be very difficult, if not impossible, for an individual taxpayer or business owner to keep track of those changes and what the tax implications of those changes may have. CPA/CA qualified tax agents are well versed with the tax regulations. The tax agent would be able to identify any tax savings that you may have left out. You will also be entitled to “Safe Harbour” protection from penalties, if you engage a registered tax agent to lodge your tax returns.
- – Save time and money: At times, preparation of individual or company tax returns can be overwhelming. Working with a good tax agent, you can navigate the tax laws and save money. In addition, a good tax accountant will assist you with planning your financial and tax strategies. In the long run, having a good tax accountant will help you save more time and money. Not to forget, the cost of managing your tax affairs when hiring an external tax agent is a deductable expense where you are able to claim. If you do your tax returns by yourself, you may miss out on some deductions or rebates.
If you think that having a tax agent can lift a burden off your shoulders and put some money back in your pocket, get in touch with DSV Partners – the trusted tax agent in Sydney.